Federal Reserve Bank of Richmond Reviews

Cons

While the FRB is great at the team level in supervision, the decisions coming from the executive leadership in Richmond and across the system are driving people out of the door. Return to office policy is short sighted and extremely poorly communication, although conveniently timed so that the bank could score higher on employee surveys. This used to be a great place to get training, now they have even cut that out (except for the D&I training of course). Seemingly every decision made lately is to the detriment of the employee due to some mysterious budget crisis that senior management will blame but not provide details on. Accountability is low throughout the organization. Wages are average at best and people routinely leave for 2x their salaries. O and I' sure there will be 2% increases waiting for us at the end of the year. Poor leadership from the top, unfriendly policies, and sub-par compensation is the reason that the FRB cannot recruit let alone retain 'top talent'. Cuts through out the system and bank have led to more work (HR specifically) being pushed down to the employees and especially managers which has impacted W/L balance. And yeah, the cafeteria is way more expensive now but the have a captive audience because its awful getting in and out of the building for lunch.

Cons

After several years of being told how much of a success remote work was for the bank and how amazing we were doing, Executives have decided to mandate all workers return to the office Tues - Thursday not in a meeting, but via an email with no discussion. Many employee cubicles were given away with promises of never having to return to the office, only to find out they were lied to. Executives REFUSE to listen to their management teams or average workers on Return to Office mandates. Losing talented young employees due to return to office policies and lower starting wages in competitive new technology fields. Laying people off due to bad business practices at the executive levels. Executives threatened to fire people who did not get the Covid vaccine, only to later make it optional again Top heavy with lots of managers and Vice Presidents. Executives out of touch with their workers. They hold an antiquated idea that all workers need to be in an office to effectively perform their job. When polled in surveys they give the illusion that they are listening , but instead have them filled with questions that when answered can be interpreted in either direction.